Irrevocable Medicaid Accounts
It is important to know that consumers who are eligible for Medicaid or Supplemental Security Income (SSI) are entitled to pre-fund their funeral expenses by setting up what is known as an "irrevocable trust." These irrevocable trusts allow Medicaid and SSI recipients to set aside funds to prepay funeral expenses before spending down their assets. These funds will not be counted as part of the recipient's financial resources when spending down.
New York State law requires that trust accounts established for Medicaid/SSI recipients who wish to pre-fund their funerals must be "irrevocable" to make sure that the funds will be available when needed, and used only for funeral expenses.
REVOCABLE
May be cancelled at any time prior to death.
Is completely refundable upon demand.
Is transferable funeral home to funeral home. (See Transfer A Pre-Need.)
Allows for revisions to the specific selections of merchandise and/or services.
Any account overage remaining after the full payment of funeral expenses are refunded to the purchaser or the decedent's estate.
IRREVOCABLE
May be set up by anyone applying for or recieving Medicaid/SSI.
These funds are NOT considered an asset by Medicaid.
Is NOT refundable.
Is transferable funeral home to funeral home. (See Transfer A Pre-Need.)
Revisions to the specific selections of merchandise and/or services are still allowed.
Any account overage remaining after full payment of funeral expenses are NOT refundable and must be forwarded to the county in which the person was a legal resident.